Electreon Signs MOU with CTG, Marking First Sale of its Wireless EV Charging Services in New York and Las Vegas

Electreon will provide static and semi-dynamic wireless charging and Charging as a Service to enable CTG to electrify its fleets while reducing emissions and operating costs

BEIT YANAI, Israel--()--Electreon (TASE: ELWS.TA), the leading provider of wireless and in-road wireless electric vehicle (EV) charging technology for commercial and passenger EVs, has signed a memorandum of understanding (MOU) for the sale of its wireless EV charging services to CTG, the largest operator of limousine fleets and unique shuttle services in the New York and Las Vegas area. CTG currently operates a fleet of over 2,800 limousines and taxis, which it plans to transition to EVs in the near future in order to reduce emissions and operating costs. This is Electreon’s first sale and wireless EV charging deployment in the New York and Las Vegas areas, and expands on its other recent U.S. projects in Michigan and Utah.

After reviewing the existing charging solutions in the market, CTG chose Electreon's wireless EV charging services in order to reduce its upfront costs, save space in the urban operating areas, avoid the visual and safety hazards of conductive charging stations, and ensure the simple and continuous operation of its electric limousine fleets. Electreon’s Charging as a Service business model ensures the payment for the charging services will be per vehicle and includes full set up of the wireless chargers, maintenance, support and software services. As part of the MOU, CTG will also connect Electreon to its EV manufacturers to support the integration of Electreon's vehicle systems and receivers that enable the EVs to charge wirelessly. The commercial terms of the sale of charging services will be determined in the full agreement and announced separately.

“We’re excited to work with CTG and demonstrate how our wireless charging technology can scale to support large electric fleets across multiple geographies,” said Electreon CEO Oren Ezer. “Both New York and Las Vegas are priority markets for us—they are dense urban centers with leadership committed to accelerating the transition to all-electric fleets. By partnering with highly-respected and global companies like CTG, we can expand to new markets and continue to scale the adoption of our wireless EV charging technology across the U.S. and abroad.”

In the first phase, CTG will purchase Electreon’s static charging services for its operating areas in Las Vegas, and later it will purchase and install Electreon’s semi-dynamic wireless charging stations near airports and hotels to be selected at a later date. The combination of both static and semi-dynamic wireless charging at strategic locations will allow CTG’s EV fleet to continuously charge, reducing battery size and vehicle downtime. CTG will reduce costs and maintain optimal fleet operation because Electreon eliminates the need to allocate people to plug in vehicles, or halt operations for charging. Electreon plans to simultaneously sell its charging services to CTG's electric fleet in New York.

The parties will also consider the option of installing solar panel roofing in CTG's operating areas to further lower costs and increase the environmental benefit of the system. Electreon’s receivers in the fleet vehicles will also enable them to charge dynamically in any future electric roads in the city centers, creating a future-proof system.

“CTG prides itself on offering efficient transportation, and that is why we are so pleased that our fleet's transition to electric mobility will be done with our new partner, Electreon,” said CTG Vice President Robert Slinin. “We believe that wireless charging will enable a smooth and cost-effective transition. Electreon's track record and sustainable solutions offer distinct operational benefits which are perfectly suited to fleets such as ours. We look forward to this collaboration and are sure that our entire fleet will soon be wirelessly charged.”

About Electreon
Electreon is the leading provider of wireless charging solutions for electric vehicles (EVs), providing end-to-end charging infrastructure and services to meet the needs and efficiency demands of shared, public and commercial fleet operators and consumers. The company’s proprietary inductive technology dynamically (while in motion) and statically (while stopped) charges EVs quickly and safely, eliminating range anxiety, lowering total costs of EV ownership, and reducing battery capacity needs—making it one of the most environmentally sustainable, scalable, and compelling charging solutions available today. Electreon works with cities and fleet operators on a charging as a service (CaaS) platform that enables cost-effective electrification of public, commercial, and autonomous fleets for smooth and continuous operation. For more information, visit electreon.com.

Contacts

Media:
Janine Ward
On behalf of Electreon
electreon@antennagroup.com
313-536-7806

Release Summary

Electreon has signed a MOU for the sale of its wireless EV charging services to CTG in New York and Las Vegas.

Contacts

Media:
Janine Ward
On behalf of Electreon
electreon@antennagroup.com
313-536-7806